Bakkt's revenue plummeted 77% in the first quarter, accelerating its bets on stablecoin infrastructure.

According to Cointelegraph, digital asset platform Bakkt disclosed that its crypto service revenue in the first quarter of 2026 fell by 77% to $243.6 million from approximately $1.07 billion in the same period last year. Affected by the decline in crypto trading volume, net profit turned into a loss of $11.7 million from $7.7 million, or $0.41 per share. The report shows that Bakkt's crypto costs and brokerage fees in the quarter were approximately $242 million, while operating expenses remained around $18.5 million after excluding related costs. The company held $82.6 million in cash at the end of the period and had no long-term debt. Bakkt is shifting from crypto trading infrastructure to stablecoin payments and "agentic AI," having completed the acquisition of Distributed Technologies Research and signed a memorandum of understanding with stablecoin payment company Zoth.